The World Bank has released a new report highlighting the need for reforms in the CEMAC region to boost economic growth, create jobs, and reduce poverty. The 8th CEMAC Economic Barometer indicates that while the region experienced stronger growth of 3.0% in 2024 compared to 2.0% in 2023, this growth remains modest and heavily reliant on oil and other commodities. These sectors are not generating enough employment opportunities for the rapidly growing population, leaving many young people without jobs.
The semi-annual report provides an overview of the current economic situation in the CEMAC region and offers analysis for each country within it. In 2024, the region faced challenges with deteriorating reserves, fiscal positions, and trade balances due to declining oil prices. This underscores CEMAC's vulnerability to fluctuations in hydrocarbon markets since oil constitutes over two-thirds of its total exports. Although inflationary pressures have gradually decreased, high unemployment rates and limited economic opportunities continue to exacerbate poverty levels. By 2024, it is estimated that one-third of CEMAC's population will live in extreme poverty, equating to approximately 22 million people surviving on less than US$2.15 per day based on 2017 purchasing power parity.
The report projects regional growth to remain slow at around 2.9% from 2025 to 2027. Despite possessing abundant mineral, hydrocarbon, timber, and agricultural resources alongside a youthful population and significant urbanization, these factors could drive accelerated economic growth if appropriate reforms are implemented. Such reforms would focus on strengthening infrastructure and creating a more attractive environment for private sector investment.
Robert Utz, World Bank Lead Economist for CEMAC and lead author of the report stated: “To foster more robust growth, create more jobs, develop intra-regional and global trade, and lift more people out of poverty, CEMAC countries need to create better conditions for local firms to grow, invest and hire more people, and expand their exports.”
Cheick Fantamady Kanté from the World Bank emphasized: “It would be essential for CEMAC countries to accelerate reforms foreseen in the regional economic plans including CEMAC’s Economic and Financial Reform Program (PREF-CEMAC II) and the upcoming Regional Economic Program.”
As CEMAC faces an uncertain global trade landscape along with financing challenges ahead, accelerating reform efforts will be crucial for leveraging natural resources effectively while enhancing public financial management practices; creating favorable conditions conducive towards firm expansion; supporting vulnerable populations - all key steps towards securing sustainable development paths benefiting everyone across this diverse region.
Download options are available online allowing access both English/French/Spanish versions regarding insights contained within latest edition "Cemac Economic Barometer."